In this guide
3. How much of the amount owed will be cancelled
The Student Loans Company will calculate how much will be deducted from the balance of their eligible maintenance loan as soon as a student has made their first repayment against that loan.
The first repayment will determine the cancellation to be applied:
- If the student repays the outstanding eligible loan balance in one payment the cancellation applied is zero. The student is not eligible for a further cancellation
- If the loan balance is less than £1,500 the student will receive a cancellation up to the amount of the outstanding balance. The cancellation applied is subject to the first repayment amount deducted from the balance. The student is not eligible for a further cancellation
- If the loan balance is over £1,500,the student could receive a cancellation of up to £1,500. The cancellation applied is subject to the first repayment amount deducted from the balance. The student is not eligible for a further cancellation
If the cancellation applied is less than £1,500, including where it is zero, no further cancellation will be applied to any future loan debt.